European Investment Bank grants 500 million euro loan to

September 30, 2021

Borssele 1 & 2 / Credit: Orsted

Danish offshore wind farm developer Ørsted has secured a loan of € 500 million (around $ 580 million) from the European Investment Bank (EIB).

The EIB said the loan was intended to support Ørsted’s increased investment program in renewable energy projects and the conclusion of the Borssele 1 and 2 wind farms off the Dutch coast.

“We are very satisfied with the EIB’s commitment and the strong support it shows for Ørsted’s investments in the Borssele 1 and 2 wind farms and renewable energies in general. With this loan, Ørsted secured long-term financing for the project, which is a key factor in achieving our aspiration to become the world leader in green energy ”, said Vice President Kasper Kiim Jensen, Head of treasury and capital planning at Ørsted.

“The EIB has a long history of financing wind energy, from technology R&D to turbines, as well as some of the largest wind farms in Europe, ultimately helping to bring down the prices of wind energy. ”Said Kris Peeters, EIB Vice-President. “Renewable energy will continue to gain in importance as we move towards full decarbonization. The EIB remains committed to funding this transition and is happy to financially support Ørsted’s role in this area.”

Borssele’s 752 MW wind farms have 94 wind turbines which, through inter-grid cabling, transfer their energy to an offshore substation before reaching the grid via a high-voltage line that the EIB previously helped finance with the GRT TenneT.

Leave a Reply

Your email address will not be published. Required fields are marked *